IMMOFINANZ Group acquires 100% of Panta Rhei office development project in Düsseldorf (AT/DE)

Immofinanz Group announces the acquisition of the remaining 50% stake in the Panta Rhei, a planned office development project in Düsseldorf, from the co-owner Frankonia Group.

This project was originally planned as a 50:50 joint venture, but Immofinanz Group has decided in favor of a full takeover. The parties have agreed not to reveal any information on the purchase price.

"Our real estate machine is running smoothly – and the purchase of the remaining stake in the Panta Rhei is a perfect example. The re-investment of liquid funds generated by other areas of our business in development projects allows us to produce sustainable properties at a clearly defined and constantly high quality level, for example this building in Düsseldorf.

"The location is promising – the Panta Rhei will certainly have a special standing in the Airport City," commented Eduard Zehetner, Chairman of the Executive Board of Immofinanz Group.

The Panta Rhei involves the construction of a prime office complex with approx. 9,600 m² of rentable space. One highlight of this building in the Airport City Düsseldorf will be its unusual design, which was created by the well-known architects RKW (Rhode Kellermann Wawrowsky).

Construction is currently scheduled to start in summer 2012. This project will expand Immofinanz Group's development portfolio, which comprised 36 properties with a combined carrying amount of €432.2 million as of January 31, 2012.

The full takeover of this project also marks a further step in the steady implementation of the company's strategy to either sell non-controlling interests, to convert these interests into majority holdings or to complete the full takeover of the property for its own portfolio.

Source: Immofinanz Group

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